SCU has announced that it is participating in AgriInvest, part of the Growing Forward suite of federal-provincial-territorial Business Risk Management programs. AgriInvest deposits and matching government contributions will earn interest at a rate of 1.75% (rate is subject to change).
AgriInvest is designed to help producers manage small income declines and provides support for investments to mitigate risks or improve market income. AgriInvest accounts grow as producers make annual deposits based on a percentage of allowable net sales and receive matching government contributions. Government and producer deposits are based on allowable net sales (ANS). Eligible commodities include most primary agricultural commodities except those covered under supply management (dairy, poultry, and eggs).
AgriInvest is open to Individuals, co-operatives, corporations and Status Indians farming on reserves in Canada if reporting farming income (or loss) to the Canada Revenue Agency for tax purposes.
Each year, producers can deposit up to 1.5% of their ANS in their AgriInvest Account and receive matching government contributions. For example, if ANS is $100,000 producers can deposit up to $1,500 and receive a matching government contribution of $1,500.
For more detailed information on AgriIvest, click here and follow the AgriInvest link.